Hub C Innovation-as-a-Service Online Marketplace Opens to More Credit Unions in Latin America and Caribbean
Roll out comes after successful pilot phase in the Dominican Republic
March 11, 2024
MADISON, Wis.—World Council of Credit Unions’ (WOCCU) is excited to announce its Hub C Innovation-as-a-Service online marketplace is now open to additional credit unions, credit union associations and credit union federations in Latin America and the Caribbean (LAC).
The expansion comes upon completion of a successful launch that allowed credit unions affiliated with Asociación de Instituciones Rurales de Ahorro y Crédito, Inc. (AIRAC), WOCCU’s Direct Member in the Dominican Republic, to explore the marketplace for a period of one month.
The Hub C Innovation-as-a-Service online marketplace, built in partnership with FinConecta, allows credit unions to test potential solutions for automating their processes and offering digital services, without having to make changes to their core banking systems. Set up as a sandbox environment, the marketplace also allows credit unions to experiment and test those solutions to find the right fintech provider for them.
“We are excited about the potential of the Hub C platform to connect credit unions to fintech solutions and move toward robust, cyber-ready and agile systems that allow them offer digital lending, AI-enabled customer engagement and other products services to their members. We are seeking the next cohort of credit union champions in the LAC region to come on the digital transformation journey with us,” said Angelina Tracy, WOCCU VP of Strategic Growth and Partnerships.
Space for the next cohort of credit unions to use Hub C is limited. WOCCU encourages any LAC credit unions, associations or federations interested in the Hub C Innovation-as-a-Service online marketplace to reach out to us at hubc@woccu.org by March 22nd.
Originally launched in January to put WOCCU on an accelerated path toward achieving its Challenge 2025 goals, HUB C is also partnering with CB Cooperativa, a credit union in Ecuador, on piloting the development of an AI-enabled credit scoring algorithm to automate lending and create customer profiles that could drastically expand lending to specific segments of both new and repeat customers.
You can learn more about HUB C by clicking here.
World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented 300+ technical assistance programs in 90 countries. Worldwide, 82,758 credit unions in 97 countries serve 404 million people. Learn more about World Council's impact around the world at www.woccu.org.
Organization: World Council of Credit Unions
E-mail: gneumann@woccu.org
Phone: +1 608-395-2048
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